OCBC to offer instant account opening online for SMEs

OCBC's initiative is the latest by the three local banks to use MyInfo to improve service.
OCBC's initiative is the latest by the three local banks to use MyInfo to improve service.PHOTO: LIANHE ZAOBAO

Smaller firms will soon be able to instantly open business accounts online at OCBC Bank by using the MyInfo data repository.

OCBC said it usually takes a day to open an account now.

When the new service starts next month, the bank will be able to access details from the business owner's MyInfo profile for the application.

This means that additional personal details do not have to be filled in nor supporting documents submitted.

The application will also be assessed by OCBC's digital know-your-customer process.

The initiative is the latest by the three local banks to use MyInfo to improve service.

Earlier this week, DBS launched a service allowing new and existing customers instant approval for DBS/POSB credit card applications. They can also open DBS Cashline immediately.

UOB began integrating MyInfo into its digital application and approval processes for all savings and current accounts as well as car loans from July. It then started using MyInfo for home loans in August and for credit cards last month.

In June, OCBC employed MyInfo to enable consumers to digitally open an OCBC 360 personal account immediately.

"Since then there has been a three-fold increase in the number of OCBC 360 accounts opened digitally on a month-on-month basis," said OCBC.

Ms Christie Chu, the bank's head of emerging business (global commercial banking), said: "Instant is the way forward for the industry.

"Since August, businesses have been able to collect funds instantly with PayNow and soon, SMEs will be able to open a business account instantly.

"More such projects are in the pipeline as we continue to listen to our customer's needs and then innovate in order to help them grow their businesses."

Mr Terence Yap, founder of fruit seller Fresh SG, said: "For busy business owners, instant account opening is fantastic. It is a breeze to complete and enables businesses to start their operations quickly."

A version of this article appeared in the print edition of The Straits Times on October 04, 2018, with the headline 'OCBC to offer instant account opening online for SMEs'. Print Edition | Subscribe